CytomX Therapeutics Announces Q3 2026 Financial Results and Provides Business Update

CX-801 monotherapy dose escalation has reached the fourth dose level, while its Keytruda combination has cleared the third.

Rhea-AI Summary

CytomX Therapeutics (Nasdaq: CTMX) reported third-quarter 2026 revenue of $1.7 million while advancing its Varseta-M cancer development program. Revenue fell from $6.0 million a year earlier after completion of its Astellas collaboration performance obligation. Net loss widened to $19.998 million from $14.229 million, with loss per share unchanged at $0.09. Cash, cash equivalents and investments totaled $348.0 million, versus $330.3 million at the second-quarter end; the company expects funding into the second half of 2028.

Varseta-M received FDA Fast Track designation for relapsed/refractory metastatic colorectal cancer in August. CytomX expects a monotherapy data update in January 2027, with potential initiation of a first registrational study in the first half of 2027. Combination studies and expansion cohorts are progressing. Initial CX-801 combination data in advanced melanoma are expected in the first half of 2027.

14 points · 0 major

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0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point$348.0 million in quarter-end cash, cash equivalents and investments, versus $330.3 million at Q2 end.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway expected by CytomX to extend into the second half of 2028.
• Moderate point. Forward-looking: it has not happened yet and may not happen.First registrational study for Varseta-M monotherapy in metastatic colorectal cancer potentially initiating in first-half 2027.
• Minor pointFDA Fast Track designation granted in August for Varseta-M in relapsed/refractory metastatic colorectal cancer.
• Minor point. Forward-looking: it has not happened yet and may not happen.January 2027 Varseta-M monotherapy update expected, including dose selection and potential registrational strategy.

9 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Varseta-M plus bevacizumab Phase 1 study enrolling; initial clinical data anticipated in first-half 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Phase 1/2 chemotherapy combination study in second-line metastatic colorectal cancer planned to start by year-end 2026.
• Minor pointVarseta-M expansion enrollment initiated in gastric/GEJ cancer and EpCAM-selected pancreatic and biliary tract cancers.
• Minor pointCX-801 monotherapy dose escalation reached the fourth dose level in its Phase 1 advanced melanoma study.
• Minor pointCX-801 monotherapy tolerability reported as generally favorable at doses exceeding the approved unmasked IFNα2b dose.
• Minor pointCX-801 plus Keytruda dose escalation cleared the third dose level and continues enrollment.
• Minor point. Forward-looking: it has not happened yet and may not happen.CX-801 plus Keytruda data in advanced melanoma expected in first-half 2027.
• Minor pointQ3 interest income increased to $3.271 million from $1.592 million a year earlier.
• Minor pointNine-month interest income increased to $7.918 million from $3.725 million a year earlier.

Negative

• Moderate pointQ3 net loss widened to $19.998 million from $14.229 million; loss per share remained $0.09.
• Moderate pointNine-month revenue declined to $13.365 million from $75.538 million a year earlier.
• Minor pointQ3 revenue fell to $1.688 million from $5.963 million, primarily following completion of the Astellas performance obligation.
• Minor pointQ3 research and development expense rose to $16.480 million from $15.304 million a year earlier.
• Minor pointQ3 general and administrative expense rose to $8.710 million from $6.427 million a year earlier.

7 minor points

• Minor pointQ3 operating loss widened to $23.502 million from $15.768 million a year earlier.
• Minor pointNine-month net loss was $58.912 million, versus $9.142 million net income a year earlier.
• Minor pointNine-month loss per share was $0.29, versus earnings of $0.07 a year earlier.
• Minor pointNine-month research and development expense increased to $53.316 million from $47.493 million a year earlier.
• Minor pointNine-month general and administrative expense increased to $27.004 million from $22.477 million a year earlier.
• Minor pointNine-month operating loss was $66.955 million, versus $5.568 million operating income a year earlier.
• Minor pointVarseta-M/bevacizumab expansion into second- and third-line patients awaits selection of a go-forward dose and schedule.

News Explained

CytomX says its Phase 1/2 study of Varseta-M with bevacizumab, 5-fluorouracil and leucovorin in second-line metastatic colorectal cancer is planned to start by year-end 2026; it is separate from the ongoing late-line bevacizumab dose-finding study.

Key Figures

Cash, cash equivalents and investments: $348.0 million Revenue: $1.7 million vs. $6.0 million Operating expenses: $25.2 million vs. $21.7 million +2 more

Cash, cash equivalents and investments

$348.0 million

Q3 2026; expected cash runway into the second half of 2028

Revenue

$1.7 million vs. $6.0 million

Q3 2026 vs. Q3 2025

Operating expenses

$25.2 million vs. $21.7 million

Q3 2026 vs. Q3 2025

Varseta-M monotherapy data update

January 2027

Phase 1 metastatic colorectal cancer; update to include dose selection

Varseta-M combination study initiation

By year-end 2026

Phase 1/2 study with bevacizumab, 5-fluorouracil and leucovorin in 2nd-line mCRC

Previous Earnings Reports

2 past events · Latest: Aug 06

Same Type 2 events

1. Aug 06

   Q2 earnings

   24h Move

   +2.7%

   Reported $330.3 million in cash and investments, with lower revenue and a larger net loss.

2. Nov 06

   Q3 earnings

   24h Move

   -13.6%

   Reported Q3 revenue of $6.0 million versus $33.4 million a year earlier.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

fast track designation, antibody drug conjugate, topoisomerase-1 inhibitor, dose escalation

4 terms

fast track designation regulatory

"Varsetatug masetecan (Varseta-M) granted FDA Fast Track designation"

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

antibody drug conjugate medical

"a first-in-class EpCAM-directed antibody drug conjugate"

An antibody drug conjugate is a targeted medical treatment that combines a special antibody with a powerful drug, allowing precise delivery of the medicine directly to cancer cells or other harmful cells in the body. For investors, it represents a sophisticated approach to therapy that could improve treatment effectiveness and reduce side effects, potentially leading to significant growth opportunities in the biotech and pharmaceutical sectors.

topoisomerase-1 inhibitor medical

"with a topoisomerase-1 inhibitor payload"

A topoisomerase-1 inhibitor is a type of drug that blocks an enzyme responsible for untangling DNA so cells can copy and repair it; imagine stopping a person who smooths knots in a rope so the rope can be used. Investors pay attention because these drugs are used to treat cancers and other diseases, so their clinical results, safety profile, regulatory approvals, and patent position directly affect a company’s revenue prospects and stock value.

dose escalation medical

"The CX-801 monotherapy dose escalation portion of the study"

Dose escalation is the process of gradually increasing the amount of a treatment or substance over time. In finance, it can refer to slowly raising investments or commitments to manage risk and assess performance. For investors, understanding dose escalation helps gauge how companies or strategies adjust their approaches, which can impact future growth or stability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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- Varsetatug masetecan (Varseta-M) granted FDA Fast Track designation for relapsed/refractory metastatic colorectal cancer -

- Phase 1 monotherapy data update in metastatic colorectal cancer (mCRC) expected in January 2027 -

- Phase 1 study in combination with bevacizumab in 3L+ mCRC ongoing. Phase 1/2 chemotherapy combination study in 2L mCRC expected to be initiated by year-end -

- Phase 1 Varseta-M monotherapy expansion cohorts for gastric and gastroesophageal junction (GEJ) cancer, EpCAM-selected pancreatic ductal adenocarcinoma (PDAC), and EpCAM-selected biliary tract cancer (BTC) in progress -

- Company to host conference call and webcast today at 5 p.m. ET / 2 p.m. PT -

EMERYVILLE, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, today announced Q3 2026 financial results and provided a business update.

“Varseta-M is a first-in-class EpCAM-directed antibody drug conjugate with a topoisomerase-1 inhibitor payload, intentionally designed to improve the standard of care for patients with colorectal and other cancers. At CytomX, we are highly focused on rapidly advancing monotherapy Varseta-M towards a first registrational study in colorectal cancer,” said Dr. Sean McCarthy, chairman and CEO of CytomX Therapeutics.

“Additionally, the Varseta-M development program continues to broaden, including an ongoing combination study with bevacizumab in mCRC and the initiation of Phase 1 expansion cohorts in gastric and gastroesophageal junction cancer, EpCAM-selected pancreatic ductal adenocarcinoma, and EpCAM-selected biliary tract cancer. Our integrated strategy is intended to urgently advance Varseta-M for the maximum benefit of cancer patients.”

Pipeline Program Updates:

Varsetatug masetecan (EpCAM PROBODY Topo-1 ADC, CX-2051)

• Varseta-M Monotherapy CRC:
  • Announced FDA Fast Track Designation for Varseta-M for relapsed/refractory metastatic colorectal cancer in August.
  • A Phase 1 monotherapy mCRC data update, including dose selection and potential registrational strategy, expected in January 2027.
  • Potential to initiate first registrational study for Varseta-M monotherapy in mCRC in 1H 2027.
• Varseta-M CRC Combinations:
  • A Phase 1 combination study of Varseta-M and bevacizumab is ongoing. Dose finding is enrolling late-line patients, with plans to focus on 2L and 3L mCRC once a go-forward dose and schedule are selected. Initial clinical data is anticipated in 1H 2027.
  • A Phase 1/2 combination study evaluating Varseta-M administered with bevacizumab, 5-fluorouracil, and leucovorin in 2^nd line mCRC patients is planned to initiate by the end of 2026.

• Varseta-M Expansion into Other GI-related Indications:
  • Varseta-M monotherapy Phase 1 expansion cohort enrollment in gastric and gastroesophageal junction (GEJ) cancer, EpCAM-selected pancreatic ductal adenocarcinoma (PDAC), and EpCAM-selected biliary tract cancer (BTC) was initiated.
    
    

CX-801 (PROBODY Interferon alpha-2b)

• CytomX’s second masked pipeline product candidate, CX-801, continues enrollment in the ongoing Phase 1 study in advanced melanoma. The CX-801 monotherapy dose escalation portion of the study has reached the fourth dose level.
• CX-801 monotherapy has been generally well tolerated at dose levels exceeding the approved dose of unmasked IFNα2b.¹
• The ongoing Phase 1 dose escalation of CX-801 in combination with KEYTRUDA^® (pembrolizumab) continues enrollment and has cleared the third dose level.
• Initial clinical data for CX-801 in combination with KEYTRUDA^® in advanced melanoma is expected in the first half of 2027.
  
  

KEYTRUDA^® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

Q3 2026 Financial Results:

CytomX ended Q3 2026 with $348.0 million of cash, cash equivalents and investments with expected cash runway into the second half of 2028. Cash, cash equivalents and short-term investments totaled $330.3 million as of Q2 2026.

Total revenue was $1.7 million for the quarter ended September 30, 2026, compared to $6.0 million for quarter ended September 30, 2025. The decrease in revenue was driven primarily by the completion of the Company’s performance obligation in the Astellas collaboration which concluded in the second quarter of 2026.

Total operating expense for the quarter ended September 30, 2026 was $25.2 million compared to $21.7 million for the quarter ended September 30, 2025, an increase of $3.5 million.

Research and development expenses increased by $1.2 million during the quarter ended September 30, 2026, to $16.5 million compared to $15.3 million for the quarter ended September 30, 2025. Research and development expenses increased primarily due to increased personnel related expenses, partially offset by lower Varseta-M spend due to the timing of manufacturing activities.

General and administrative expenses increased by $2.3 million during the quarter ended September 30, 2026, to $8.7 million, compared to $6.4 million for the quarter ended September 30, 2025. Increased general and administrative expenses were primarily driven by increased personnel related expenses, consulting expenses and an increase in rent expense during the Company’s transition to its new Emeryville headquarters.

About CytomX Therapeutics, Inc.
CytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated, masked PROBODY^® therapeutics designed to be localized to the tumor microenvironment. By pioneering a novel pipeline of localized biologics, powered by its PROBODY therapeutic platform, CytomX’s vision is to create safer, more effective therapies for the treatment of cancer. CytomX’s robust and differentiated pipeline comprises therapeutic candidates across multiple treatment modalities including antibody-drug conjugates, cytokines and T-cell engagers. CytomX’s clinical-stage pipeline includes varsetatug masetecan (Varseta-M; CX-2051) and CX-801. Varseta-M is a masked, conditionally activated antibody drug conjugate armed with a topoisomerase-1 inhibitor payload and directed toward epithelial cell adhesion molecule (EpCAM). EpCAM is a highly expressed tumor antigen that has previously been undruggable due to expression on normal tissues. Varseta-M is designed to open a therapeutic window for this high potential target and is initially being developed for the treatment of metastatic colorectal cancer. Varseta-M was discovered in collaboration with ImmunoGen, now part of AbbVie. CX-801 is a masked interferon alpha-2b PROBODY^® cytokine with broad potential applicability in traditionally immuno-oncology sensitive as well as insensitive (cold) tumors. CX-801 is initially being developed for the treatment of metastatic melanoma. CytomX has established strategic collaborations with multiple leaders in oncology, including Regeneron. For more information about CytomX and how it is working to make conditionally activated treatments the new standard-of-care in the fight against cancer, visit www.cytomx.com and follow us on LinkedIn and X (formerly Twitter).

CytomX Therapeutics Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond CytomX’s control, and may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements, including those related to the future potential of partnerships or collaboration agreements and projected cash runway. These forward-looking statements include, but are not limited to, statements relating to the potential benefits, safety and efficacy or progress of CytomX’s or any of its collaborative partners’ product candidates, including varsetatug masetecan (Varseta-M) and CX-801, the potential benefits or applications of CytomX’s PROBODY^® therapeutic platform, CytomX's planned interactions with the U.S. Food and Drug Administration and the ability to align on a potential registrational study design and regulatory pathway for Varseta-M, the anticipated initiation of a potential registrational study and the Phase 1/2 combination study, the expansion of Varseta-M into additional indications, CytomX’s or its collaborative partners’ ability to develop and advance product candidates into and successfully complete clinical trials, including the ongoing and planned clinical trials of Varseta-M and CX-801 and the timing of initial and ongoing data availability for CytomX’s clinical trials, including Varseta-M and CX-801, and other development milestones. Accordingly, you should not place undue reliance on these forward-looking statements. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: the unproven nature of CytomX’s novel PROBODY^® therapeutic technology; uncertainties around CytomX’s ability to raise sufficient funds to carry out its planned research and development; the early stage of CytomX’s clinical trial product candidates, which are in the initial stages of clinical development, and its other product candidates, which are currently in preclinical development, and the process by which preclinical and clinical development could potentially lead to an approved product is long and subject to significant risks and uncertainties, including the possibility that the results of preclinical research and early clinical trials, including initial Varseta-M clinical trial results, may not be predictive of future results; the risk that interim or preliminary clinical data may change as more patient data become available; the possibility that CytomX’s clinical trials will not be successful; the possibility that current preclinical research may not result in additional product candidates; the possibility that CytomX may not be able to realize the full potential of its collaborations; CytomX’s dependence on the success of Varseta-M and CX-801; CytomX’s reliance on third parties for the manufacture of CytomX’s product candidates; possible regulatory developments in the United States and foreign countries, including China and the European Union; and the risk that CytomX may incur higher costs than expected for research and development. Additional applicable risks and uncertainties include those relating to CytomX’s preclinical research and development, clinical development, and other risks identified under the heading “Risk Factors” included in CytomX’s Quarterly Report on Form 10-Q filed with the SEC on November 5, 2026 and in CytomX’s subsequent filings with the SEC. The forward-looking statements contained in this press release are based on information currently available to CytomX and speak only as of the date on which they are made. Except as required by applicable law, CytomX does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

PROBODY is a U.S. registered trademark of CytomX Therapeutics, Inc. All other trademarks are the properties of their respective owners.

Company Contact:
Chris Ogden
SVP, Chief Financial Officer
cogden@cytomx.com

Investor Contact:
Precision AQ
Stephanie Ascher
Stephanie.Ascher@precisionaq.com

Media Contact:
Precision AQ
Colleen Ketchum
Colleen.ketchum@precisionaq.com

CYTOMX THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands)
		September 30,				December 31,
		2026				2025
		(unaudited)				(1)
Assets
Current assets:
Cash and cash equivalents		$	33,963			$	12,667
Short-term investments			314,017				124,385
Restricted cash			917				—
Accounts receivable			501				2,013
Prepaid expenses and other current assets			6,650				4,856
Total current assets			356,048				143,921
Property and equipment, net			2,518				1,304
Intangible assets, net			328				438
Goodwill			949				949
Restricted cash			610				1,527
Operating lease right-of-use asset			3,675				3,396
Other assets			551				31
Total assets		$	364,679			$	151,566
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	1,138			$	1,301
Accrued liabilities			16,453				14,197
Operating lease liabilities - short-term			526				4,240
Deferred revenue, current portion			27,415				26,877
Total current liabilities			45,532				46,615
Deferred revenue, net of current portion			25,864				1,590
Operating lease liabilities - long term			3,862				—
Other long-term liabilities			4,533				4,353
Total liabilities			79,791				52,558
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock			—				—
Common stock			2				2
Additional paid-in capital			1,056,062				810,844
Accumulated other comprehensive income (loss)			(315	)			111
Accumulated deficit			(770,861	)			(711,949	)
Total stockholders' equity			284,888				99,008
Total liabilities and stockholders' equity		$	364,679			$	151,566

⁽¹⁾    The condensed balance sheet as of December 31, 2025 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

CYTOMX THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except share and per share data) (Unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Revenues	$	1,688			$	5,963			$	13,365			$	75,538
Operating expenses:
Research and development		16,480				15,304				53,316				47,493
General and administrative		8,710				6,427				27,004				22,477
Total operating expenses		25,190				21,731				80,320				69,970
Income (loss) from operations		(23,502	)			(15,768	)			(66,955	)			5,568
Interest income		3,271				1,592				7,918				3,725
Other income		294				5				305				33
Income (loss) before income taxes		(19,937	)			(14,171	)			(58,732	)			9,326
Provision for income taxes		61				58				180				184
Net income (loss) attributable to common stockholders		(19,998	)			(14,229	)			(58,912	)			9,142
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net of tax		(119	)			71				(426	)			77
Total comprehensive income (loss)	$	(20,117	)		$	(14,158	)		$	(59,338	)		$	9,219
Net income (loss) per share:
Basic	$	(0.09	)		$	(0.09	)		$	(0.29	)		$	0.07
Diluted	$	(0.09	)		$	(0.09	)		$	(0.29	)		$	0.07
Weighted average common shares used to compute net income (loss) per share
Basic		219,106,651				165,004,291				205,259,594				127,352,366
Diluted		219,106,651				165,004,291				205,259,594				128,859,852

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¹ Merck & Co., Inc. (2018). Sylatron (peginterferon alfa-2b) prescribing information. U.S. Food and Drug Administration

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CytomX CTMX's third-quarter 2026 financial results?

CytomX reported $1.688 million in revenue and a $19.998 million net loss for the quarter ended September 30, 2026. A year earlier, revenue was $5.963 million and net loss was $14.229 million. Basic and diluted loss per share remained $0.09.

When is CytomX expected to report the next Varseta-M colorectal cancer data?

CytomX expects a January 2027 Phase 1 monotherapy update in metastatic colorectal cancer, including dose selection and a potential registrational strategy. A first registrational monotherapy study could begin in the first half of 2027.

Which treatments are planned for CytomX's second-line Varseta-M colorectal cancer combination study?

The planned Phase 1/2 study will evaluate Varseta-M with bevacizumab, 5-fluorouracil and leucovorin in second-line metastatic colorectal cancer. CytomX plans to initiate the study by the end of 2026.